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SYLVAN FOODS HOLDINGS, INC., REPORTS FIRST QUARTER RESULTS

 SYLVAN FOODS HOLDINGS, INC., REPORTS FIRST QUARTER RESULTS
 WORTHINGTON, Pa., April 30 /PRNewswire/ -- Sylvan Foods Holdings, Inc. (NASDAQ: SYLN) today announced net income of $1.8 million, or $.29 per common share, for the quarter ended March 29, 1992, vs. net income of $0.9 million and $.18 per common share for the quarter ended March 31, 1991.
 Excluding a nonrecurring gain of $.05 per common share from the sale of property in 1992, the 1992 first quarter net income represents a 33 percent increase over the first quarter of 1991.
 Contributing to the significant improvement over 1991's first quarter results were strong North American mushroom spawn sales, the impact of additional mushroom production at the company's Quincy, Fla., facility, and the benefit of Sylvan's fourth quarter 1991 acquisition of Somycel S.A., the leading European producer and distributor of spawn (the equivalent of seed for mushrooms).
 Fresh mushroom revenues increased 5 percent over the corresponding period in 1991, led by a 30 percent increase at the Florida farm, but the expansion of Sylvan's spawn business continued to outpace the sales and earnings growth of its fresh mushroom operations. Dennis C. Zensen, Sylvan's chairman and chief executive officer, said that the company has been focusing on the development of its spawn business, as evidenced by the expansion of its Kittanning, Pa., plant in 1990 and 1991 and by its recently announced plans to construct new spawn production facilities in both Nevada and Europe.
 Sylvan Foods Holdings, Inc., is the leading worldwide producer and distributor of mushroom spawn and other spawn-related products and services and the third largest domestic grower and marketer of fresh mushrooms.
 SYLVAN FOODS HOLDINGS, INC., AND SUBSIDIARIES
 Condensed Consolidated Statements of Income
 (In millions, except share data)
 Three Months Ended 3/29/92 3/31/91
 Net sales $26.4 $20.2
 Operating income 2.8 1.9
 Interest expense less other income (.2) .4
 Net income before income taxes 3.0 1.5
 Net income available to common stock 1.8 .9
 Earnings per common share $.29 $.18
 Weighted average number of shares 6,138,285 5,065,568
 Condensed Consolidated Balance Sheet
 March 29, 1992
 (In millions)
 Assets Liabilities and Equity
 Cash & equivalents $1.5 Short-term debt $3.4
 Accounts receivable 10.0 Accounts payable 3.4
 Inventories 7.9 Other current liabilities 5.2
 Other current assets 2.5 Total current liabilities 12.0
 Total current assets 21.9 Long-term debt 25.7
 Other long-term liabilities 10.1
 Property, plant
 & equipment 38.7
 Other assets 12.5 Stockholders' equity 25.3
 Total assets 73.1 Total liabilities & equity 73.1
 -0- 4/30/92
 /CONTACT: Bill Mooney of Sylvan Foods Holdings, 412-297-3402/
 (SYLN) CO: Sylvan Foods Holdings, Inc. ST: Pennsylvania IN: FOD SU: ERN


DM-SM -- PG021 -- 5200 04/30/92 17:35 EDT
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Publication:PR Newswire
Date:Apr 30, 1992
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